<![CDATA[Objective: This empirical study examines the implementation of the Independent Student Exchange Program (Pertukaran Mahasiswa Merdeka—PMM) as part of Indonesia’s independent learning-independent campus (Merdeka Belajar-Kampus Merdeka—MBKM) policy. It aims to identify the factors determining the successful implementation of the outbound student exchange program at Universitas Brawijaya and evaluate its effectiveness in enhancing graduate competencies that are more aligned with labor market demands and national higher education objectives. Design/Methods/Approach: This study employs a descriptive qualitative approach. Data was collected through observations, in-depth interviews with key informants, and documentation of institutional policies and program reports. The collected data were analyzed using an interactive qualitative analysis model consisting of data condensation, data display, and conclusion drawing, enabling a comprehensive assessment of institutional readiness, implementation processes, and program outcomes. Findings: The findings reveal that the success of the PMM program is influenced by both internal and external factors. Internal factors include leadership commitment, curriculum adaptability, digital infrastructure, student selection mechanisms, and continuous monitoring systems, while external factors comprise regulatory support, national socio-economic and political conditions, and inter-university collaboration. The program has contributed to improving students’ academic competencies, leadership, cultural awareness, critical thinking, independence, and readiness to respond to global challenges. Originality/Value: This study contributes to higher education and public policy literature by providing an institutional analysis of PMM implementation within the MBKM framework. It highlights the interaction between organizational readiness and external institutional support as key determinants of program effectiveness, offering empirical evidence from one of Indonesia’s leading public universities. Practical/Policy implication: The findings suggest that higher education institutions should strengthen institutional capacity, improve mentoring quality, expand strategic partnerships, and implement continuous curriculum evaluation to ensure Graduate Learning Outcomes remain adaptive to interdisciplinary competencies developed through student mobility programs. These measures can support the sustainability and effectiveness of MBKM implementation.]]>
